Bangladesh Sees Rise In Suspicious Transactions

BANGLADESH SEES 65% RISE IN REPORTS OF SUSPICIOUS TRANSACTIONS FOR FINANCIAL CRIMES

Dhaka, Bangladesh - A Significant Increase in Reports of Suspicious Financial Activities

The number of reports of suspicious financial activities and transactions in Bangladesh has seen a substantial rise, with the country’s anti-money laundering agency receiving over 14,000 such reports in the last fiscal year. The Bangladesh Financial Intelligence Unit (BFIU) received a total of 9,769 Suspicious Transaction Reports (STRs) and 4,337 Suspicious Activity Reports (SARs) in the 2022-23 fiscal year.

Key Findings from the Annual Report

A 65% increase in reports from the previous year
Majority of reports made by banks (91%)
Money remitters accounted for 6.38%
Significant number of reports related to loans (520)

Attributing Factors and Challenges

The rise in reports is attributed to:

Increased awareness among officials at reporting agencies
Changing nature of financial crimes
BFIU’s strengthened position to combat money laundering and terrorism financing

However, trade-based money laundering remains a challenge due to banks’ reluctance to check pricing anomalies.

Preventive Measures and Recommendations

The agency has recommended that the government enter into Mutual Legal Assistance Agreements with several countries to bring back laundered money. This is currently being worked on by the government.

The BFIU chief also acknowledged that some individuals have been able to acquire significant assets abroad despite bypassing anti-money laundering regulations. Cases are being filed against these individuals through the Anti-Corruption Commission, and information is being collected from different countries to bring them to justice.

Conclusion

The rise in reports of suspicious financial activities and transactions in Bangladesh highlights the importance of preventive measures in curbing money laundering. The BFIU’s efforts to combat financial crimes and strengthen its position will continue to play a crucial role in protecting the country’s financial system.